Complete New Money Laundering and Terrorism Financing Risk Assessment

The world’s first software-as-a-service (SaaS) Money Laundering Risk Assessment Tool

The Money Laundering Risk Assessment Tool makes it easy to identify, assess, mitigate and manage AML/CFT risks

  • Enter Assessment Information

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  • Define Risk Context

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  • Risk Framework Checklist

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  • Request supporting documentary evidence

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  • Search Risk Factors

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  • Main Risk Assessment - Risk Header

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  • Main Risk Assessment - Risk Analysis

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  • Main Risk Assessment - Risk Evaluation

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  • Main Risk Assessment - Risk Treatment

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  • Main Risk Assessment - Comment, Management Responses, Item Management and Attachments

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  • Validation Checks

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Complete Assessment Information

Getting started with a new AML/CFT Risk Assessment is quick and easy.  Simply fill in the context information including; the assessment name, assessment type (assessments can be performed on a single dimension i.e. customer risk, product risk or performed across all dimensions), the default owner (to be assigned items to in the even they are unallocated) and the industry sector (which based on the selection loads the tailored money laundering and terrorism financing risk factors for that industry).

Next provide details of the person conducting the AML/CFT Risk Assessment, as well as, the period for which the AML/CFT Risk Assessment is being conducted, the next review date and the review frequency to receive an email reminder.

Define Risk Context

The next step requires the user to provide some context around the AML/CFT Risk Assessment by asking them to describe both the internal and external environment in which the organisation operates, as well as, the stated AML/CFT risk appetite of the organisation.

Define Business Objectives

During the risk context setting stage, users will also be prompted to document business objectives including assigning an owner for these objectives and describing how success will be measured across each of these objectives.

Complete Risk Framework Checklist

We recognise that it can be time consuming for everyone involved defining documents to be reviewed and for third parties sourcing and sending these documents back to the reviewer, so we built the customisable Risk Framework Checklist.

The Risk Framework Checklist allows risk assessors to define the scope of the assessment by defining supporting documentary evidence required to perform the review.  The risk assessor can either use the default template or they can customise their own and issue this out to internal and/or external users, document the rationale for requesting or not requesting a particular document.  The end-user just needs to click on the green plus sign to add any documents and add any comments which will appear in the audit trail.

Request supporting documentation

This feature allows the risk assessor to share document requests with third parties, who will receive an email with a link, requesting them to provide supporting documentary evidence required in the AML/CFT Risk Assessment.  For example, consultants that license our software may wish to obtain document from numerous employees working for their client but may not want to grant them full user access permissions to view/edit all elements of the risk assessment.

The risk assessor lists the email addresses of the external users that they would like to obtain documents from, customises the email that each external user will receive and clicks send and exit, which generates the emails.  Once the end user has uploaded a document the risk assessor will be notified by email.

Search Risk Factors

Since the AML/CFT Risk Assessment tool contains over 300 out-of-the-box risk factors this search feature provides a simple way of searching for these risk factors, as required.

Complete Risk Assessment – Header

The main assessment window is at the core of the AML/CFT Risk Assessment and is based on the ISO31000 risk management approach, with a series of questions to assist in analysing, evaluating and treating identified risk factors, which once complete provides very powerful data analytics on every aspect of the AML/CFT Risk Assessment.

The AML/CFT Risk Assessment tool contains a four tier hierarchy for assessing risks; Group, Category, Sub-Category and Risk Factor, with the abiliity to apply weightings at every level of the assessment.

Complete Risk Assessment – Risk Analysis

The main AML/CFT Risk Assessment page contains a section for risk analysis, which includes descriptive fields for defining the risk, how it could occur, when and where the risk could happen, the risk category and risk owner.

At this stage, the Inherent Risk Rating is established by evaluating both the likelihood of a risk occurring and impact of the risk should it eventuate.

Complete Risk Assessment – Risk Evaluation

The main AML/CFT Risk Assessment page also contains a section for risk evaluation, which includes categorising and quantifying the potential cost impacts of a risk occurring, as well as, evaluating both the business processes and business objectives that may be impacted by a particular risk eventuating.

At this stage the Residual Risk Rating is evaluated by assessing the existence and effectiveness of any mitigating controls, designed to reduce the overall risk impact.  The Risk Appetite is also assessed, to help identify any disconnect between this and the Residual Risk Rating.

Complete Risk Assessment – Risk Treatment

Finally, the main AML/CFT Risk Assessment page contains a section for Risk Treatment, which includes categorising the type of risk treatment action to be followed (i.e. risk avoidance, risk acceptance, risk transfer etc.) and the risk treatment owner, the person ultimately responsible for executing the risk treatment action.

There is also a comments and management response field to collect a full audit trail of comments, solicit action from across the organisation and the ability to create related items (actions, issues or risks) and to attach documents as required.

Data Validation

After the AML/CFT Risk Assessment has been conducted and before the report writing commences, there is an in-built data validation check that highlights any missing information across the risk assessment and prompts the risk assessor to complete these, which is important to ensure the dashboard analytics are as insightful as possible.

Why not sign up for an obligation free trial today?

Contact us and we will provide you with access to a limited functionality no obligation free trial today!